The recent slew of big-ticket land auctions has earned Raidurg a new identity within the real estate industry: Hyderabad’s Manhattan. Apart from reshaping the skyline of this technology corridor — with average building heights rising from 15 to 25 floors — the multi-crore deals have also pushed up commercial leasing rates in the upscale locality.While rentals here hovered between ₹75 and ₹80 per square foot (sft) until a year or two ago, Raidurg now commands anywhere between ₹130 and ₹150 per sft, according to industry records, as companies flock to set up shop in the area.Among those making a beeline for office space are major IT firms, Global Capability Centres, and premium co-working operators seeking to command higher prices from clients.
“When I bought land here for ₹42 crore an acre a decade ago — much to the surprise of many I knew Raidurg would one day become the city’s Manhattan,” said Aditya Gowra, director of Gowra Ventures Pvt Ltd, which won Thursday’s historic auction at ₹237 crore per acre.“Raidurg’s USP is that it has large govt-owned layouts with clear titles. That makes it an attractive proposition for companies with deep pockets looking to build facilities,” he added.Given that the firm has already signed international clients at rentals of up to ₹300 per sft for another of its projects in Raidurg, Gowra is confident that prices here will rise further in the coming years.Some industry sources predict that average leasing values in the locality could soon touch ₹200 to ₹250 per sft — more than four times the rates prevalent in Financial District, where rentals continue to hover around ₹55 to ₹60 per sft.Location, a big draw“Raidurg has been ahead of the curve for some time now because of its location. The latest round of auctions has only strengthened its position,” said a leading developer.Industry bodies, in fact, believe the locality could soon outpace other major southern Indian cities in the race for premium commercial real estate.“Already, prices here are comparable to those in some parts of Bengaluru and higher than in cities such as Chennai. With rising land values expected to push leasing rates even further, Raidurg is poised to become the most expensive real estate destination in southern India in the near future,” said G Ram Reddy, president-elect of Credai National.
